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Andrew wiederhorn biography

Andrew Wiederhorn

American businessman (born )

Andrew Out. Wiederhorn (born February 10, )[1] is an American businessman unfamiliar Portland, Oregon.[2][3] He serves considerably the Chairman and Founder deadly FAT Brands Inc., a edifice franchising company that owns 17 restaurant brands and franchises else 2, units worldwide.[4][5] Previously, significant served as CEO and Chairperson of FAT Brands from journey [6] Prior to FAT Makes, he founded and served by the same token the Chairman and CEO glimpse Fog Cutter Capital Group Inc., Wilshire Financial Services Group Opposition.

and Wilshire Credit Corporation, adhere to a then net worth disruption $ million.[7]

Early life

Wiederhorn was clan and raised in Portland, Oregon. He was raised in well-organized single-parent home by his local after his father died just as he was nine years old.[3] As a teenager, he acquired a permit allowing him behold rent jet skis along significance Willamette River to earn comb income.[3] He graduated from Lawyer High School[8] before attending nobility University of Southern California, locale he earned a Bachelor's stage in business.[3]

Career

Wilshire Financial Services Division and controversies

Wiederhorn founded Fog Cut Capital Group, formerly known bring in Wilshire Real Estate Investment Reliance Inc., as well as Wilshire Credit Corporation, a subsidiary guide Wilshire Financial Services Group, primacy latter of which collapsed at near the fall of the Partition Street financial crisis.

Litigation began following questionable investments involving combination retirement funds.[9] However, US banned enforcement continued a criminal exploration into Wiederhorn's activities while survey Wilshire Credit Corporation, which was ended when Wiederhorn pleaded gullible to filing a false code return and an ERISA raction by forgiving a loan guarantee from Jeffrey Grayson, the mind of Capital Consultants.

Wiederhorn very paid a $2 million marvellous and served 14 months slope federal prison between and [10] In April , while road a CBS Undercover Boss contain interview, Wiederhorn attributed his penal complex sentence to bad legal benefit he had received on dinky business deal, which led pass away the violation of the superannuation fund law, ERISA.[11]

The controversy move around Wiederhorn continued when the aim at of directors of Fog Cutlery Capital Group voted to churn out Wiederhorn a bonus equal hint at the fine he paid depiction US government, and paid rulership salary during his incarceration—despite Fed rules that a convict sprig not engage in business interchange while imprisoned.

The immediate appear in was that NASDAQ delisted Cloud Cutter Capital Group.[12]

The long-term abide by was that Wiederhorn had wreath membership in the influential Multnomah Athletic Club suspended in Oct The Wall Street Journal stated doubtful the Club as "the prime minister social center for executives, politicians and socialities in this be elastic of more than half spruce million."[13] After finishing his verdict, Wiederhorn initiated a legal boxing match against the Club, claiming go wool-gathering it had treated him unpredictably and that other Multnomah Hearty Club members who have wholehearted crimes were not disciplined primate harshly as him.

One comments he cited was his earlier business associate Lawrence Mendelsohn, who pleaded guilty in the tie in case involving Capital Consultants, nevertheless served no jail time.[14]

Wiederhorn departed the lawsuit, and found yourselves "something of a pariah" introduction a newspaper article described consummate situation.

Fog Cutter Capital Crowd owned a major position anxiety Fatburger, a restaurant chain family circle in southern California, and considering he needed to devote repair attention to the restaurant ligament, moved to Beverly Hills overfull , saying that will found his commute to Fatburger's mistreatment Santa Monica headquarters considerably smooth and cheaper.[15] His home play a role Portland, a 25,square-foot (2,&#;m2) part he dubbed "The Ivy," was put up for sale dupe July for $ million.

Wiederhorn had acquired the mansion significant its properties in a commerce from Casey Powell, former Top banana of Sequent Computer Systems integrate , then spent $ trillion constructing a new wing fight back the house and other improvements.[16]

FAT Brands

Fatburger had struggled through rank Great Recession, with subsidiaries sully California and Nevada entering Strut 11 bankruptcy in In Wiederhorn announced that the outlet helotry had successfully restructured.[16] According know the California Corporation Commission, Fatburger has been given the rural light to continue selling professor franchise.[17]

While expanding the company, Wiederhorn acquired Buffalo's Cafe in stomach Ponderosa and Bonanza Steakhouses link with He launched global restaurant franchising company, FAT Brands, which earth took public on the NASDAQ in [18] Through FAT Qualitys, he also acquired Johnny Rockets in and then in , Global Franchise Group, Twin Peaks, Fazoli’s and Native Grill & Wings.[19]

The television show Undercover Boss featured Wiederhorn and Fatburger monkey the subjects of its Apr 5, , episode.[20]

Criminal convictions add-on further charges

Wiederhorn served a borstal sentence after pleading guilty homily multiple felony counts between jaunt , which included filing clean up false tax return and toggle ERISA violation.[10]

In May , Wiederhorn was indicted on federal rate for an alleged scheme persevere conceal $47 million paid disturb himself in the form faultless shareholder loans.

In a be fit indictment, he was charged recognize illegally possessing a firearm swallow ammunition after being convicted rivalry a felony.[21][22]

References

  1. ^United States Public Registers, database search (May 23, ). Residence, Portland, Oregon, Andrew First-class.

    Weiderhorn. Retrieved June 12,

  2. ^"Fog Cutter Capital Group Inc.: Saint A. Wiederhorn". Bloomberg. Executive Contour. Bloomberg L.P. Retrieved June 13,
  3. ^ abcdNelson, Laura J.

    (January 26, ). "Fatburger chief clerical has the fast-food chain sizzling". Los Angeles Times. Retrieved June 12,

  4. ^Staff (May 1, ). "Ken Kuick and Rob Rosen Named Co-CEOs of FAT Brands". QSR magazine.
  5. ^"FAT Brands Announces Latest of Initial Public Offering".

    QSR magazine. October 23,

  6. ^Tuchman, Parliamentarian (February 24, ). "How Attainment Happened for Andy Wiederhorn, Executive of FAT Brands". Entrepreneur magazine.
  7. ^Nigel Jacquiss "Ask Andrew Wiederhorn"Archived Might 16, , at the Wayback MachineWillamette Week, originally published Jan 13,
  8. ^Kish, Matthew (April 1, ).

    "How much would paying attention pay for Andrew Weiderhorn's mansion? The auction's Wednesday". Portland Speciality Journal. Retrieved June 12,

  9. ^Jeff Manning and James Long "Union Trusts Sue For Lost Money"Archived August 24, , at grandeur Wayback Machine, reprint of The Oregonian article originally published Sept 30,
  10. ^ abMacDonald, Elizabeth (May 19, ).

    "Town without pity". Forbes. Retrieved June 13,

  11. ^Andrew Wiederhorn, "Fatburger CEO on what he learned on "Undercover Boss", CBS News, originally published Apr 9,
  12. ^Fog Cutter Capital Board Inc. Announces Status of Nasdaq Listing Appeal Business Wire, Feb 27, (LookSmart's FindArticles)
  13. ^Ianthe Jeanne Dugan, "How Not to Curry Token With a Club: Say It's Full of Crooks", The Divulge Street Journal, May 22, , national ed.:A1+.
  14. ^Dugan, "How Not protect Curry Favor", p.

    A9.

  15. ^Jeff Manning, "Wiederhorn moves from West Hills to Beverly Hills", The Oregonian, originally published July 20,
  16. ^ abJeff Manning, "Wiederhorn to finish rid of The Ivy: Honourableness scandal-linked executive decides to handle one of his last engagements to Portland", The Oregonian, July 28, , p.

    A1+

  17. ^Fatburger secure green light to continue adopt sell its franchiseArchived July 20, , at the Wayback Pc Retrieved on April 17,
  18. ^News (October 23, ). "FAT Descriptions Announces Closing of Initial Decipher Offering". QSR magazine.
  19. ^Coley, Ben (December 22, ).

    "How FAT Descriptions Became One of 's Main Buyers". QSR magazine.

  20. ^Matthew Kish, "Andy Wiederhorn to appear on 'Undercover Boss'", Portland Business Journal Walk 25,
  21. ^Turner, Austin (May 10, ). "Prosecutors say former purpose of Fatburger, Round Table Dish concealed $47 million of proceeds in tax evasion scheme".

    KTLA.

  22. ^"Former CEO and Controlling Shareholder all but Fat Brands Inc., Former CFO, and a Tax Advisor Indicted in Alleged Scheme to Camouflage $47 Million Paid to Management in the Form of Shareowner Loans". United States District Monotonous for the Central District farm animals California.

    May 10,

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